Nifty and Bank Nifty on 24 December: The Indian stock market was almost flat on Tuesday, 24 December, with both major indices closing marginally in the red. The Nifty 50 closed 25 points or 0.11% lower at 23,727.65, while the Bank Nifty fell 0.14%, dragged down by the IT and metal sectors.
Trading volumes were low, possibly due to the New Year holiday week, during which many foreign companies are on vacation. After a selloff in various sectors such as auto, there was some buying on Tuesday, and the auto index closed at 22685.55, up 127.80 points. The IT sector underperformed due to weak earnings guidance, while the auto sector gained on optimism about improving sales and festive demand.
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The top losers on the Nifty were Powergrid (-1.65%),JSWSteel (-1.62%), SBI Life (-1.30%), Titan (-1.28%), and SBIN (-1.11%). The top gainers were TataMotors (+1.92%), Adanient (1.43%), and BPCL (1%).
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Indian stock market outlook
TheNifty closed above 23,500 and took support from the200-DMA at 23,727.65. With the monthly expiry nearing, options data showed strong support at 23,500 (maximum OI at 23,500 PE) and resistance at 24,000 (maximum OI at 24,000 CE), indicating a likely range-bound session.
Three stocks to buy, recommended by Ankush Bajaj
TRIVENI: Buy at ₹494; target ₹550-575; stop loss ₹445
Triveni is supported by strong demand in the sugar sector, driven by ethanol blending policies. The stock has found strong support at ₹460 and is currently one of the strongest contenders in the sugar sector. Technically, it appears well-positioned, and a move toward its lifetime high is anticipated in the coming days.
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TVSMOTOR: Buy at ₹2,427; target ₹2,490-2,520; stop loss ₹2,370
The stock has created a good base at the current level and is showing strong support at ₹2,385. If the market continues its upside momentum, we may witness a significant pullback in this stock.
LLOYDSME: Buy at ₹1190; Target ₹1235-1255; Stop Loss ₹1155
The stock looks strong technically, having closed above its recent high of ₹1,180. It may continue to rally in the coming days.
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Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
